Africa aims to increase its renewable energy capacity to 300GW by 2030 and 700GW by 2040, but faces significant financial challenges, needing $1.3 trillion to meet its goals. Currently, only $30 billion has been secured. The continent's renewable energy mix is the highest globally, yet many Africans still lack access to electricity. Investments are crucial, with countries like Morocco and Egypt offering incentives for clean technologies. Gulf countries, particularly the UAE and Saudi Arabia, are major investors in Africa's renewable sector. Companies like Acwa Power and Masdar are making significant commitments to boost Africa's clean energy capacity.

The article discusses major developments in the oil and gas sector in the Gulf region in 2023. Saudi Aramco is advancing the second phase of the Jafurah Basin shale gas project in Saudi Arabia, which is expected to yield significant gas over the next century. QatarEnergy has signed extensive agreements with international companies for LNG supplies from North Field East and South, with Qatar set to significantly increase its LNG export capacity. In the UAE, Adnoc has made substantial investments in sour gas development and a low-carbon LNG project. Iraq's Ministry of Oil is focusing on gas exploration and has signed a major deal with TotalEnergies. Additionally, the International Court of Arbitration ruled in favor of Iraq in a case against Turkey regarding a pipeline transit agreement, leading to a temporary shutdown of the pipeline and a drop in Kurdistan's oil production.

Solar Impulse 2, a solar-powered airplane, has successfully completed a historic flight around the world, landing in Abu Dhabi after a journey that began on March 9 of the previous year. Swiss explorers Bertrand Piccard and Andre Borschberg alternated piloting the single-seat aircraft, which traveled 43,000 kilometers across continents, oceans, and seas without using fuel. The project aimed to demonstrate the potential of renewable energy, with Piccard emphasizing the importance of clean technologies. Despite challenges such as battery issues and adverse weather, the mission was completed, with Piccard and Borschberg overcoming extreme temperatures and long flight hours. UN Secretary General Ban Ki-moon congratulated the team, recognizing the significance of their achievement for humanity. The project, which began in 2003, hopes to inspire further advancements in sustainable energy solutions.

OQ Gas Network (OQGN), a subsidiary of Oman's national oil company OQ, is set to sell 49 percent of its shares in an IPO that could raise up to $747.5 million. The IPO, which is the joint-biggest in Oman for nearly two decades, is generating significant interest among retail investors. The shares will be listed on the Muscat Stock Exchange with a portion reserved for institutional investors and anchor investors including entities from Saudi Arabia, Qatar, and Belgium. The IPO is part of Oman's broader strategy to diversify its economy and enhance the Muscat Stock Exchange's profile, with the aim of joining MSCI's emerging market index. The country plans to list 35 state-owned companies over the next five years, with this IPO being a step towards achieving that goal.

An Emirates A380 conducted a test flight with one engine powered entirely by sustainable aviation fuel (SAF). This comes amid a push for the aviation industry to reduce CO2 emissions and meet net zero targets by 2050. Airbus, Gulfstream, and Honeywell are among the companies involved in recent SAF advancements. European and US mandates are driving the adoption of SAF, with incentives for airlines. The Middle East is lagging due to a lack of clear policies and incentives. Wizz Air has invested in SAF production, and Emirates has committed $200 million to SAF research. The UAE aims to produce 700 million litres of SAF annually by 2030, and a new research centre, Air-Craft, has been launched to further this goal. Currently, SAF production is minimal, but it needs to increase significantly to meet future targets.

Adnoc, the Abu Dhabi state oil company, is actively developing carbon capture and storage (CCS) technology in the UAE, with projects in Fujairah and Ruwais. The company is also expanding its CCS services internationally, having signed deals with Santos in Australia and exploring opportunities with Occidental Petroleum in the US and Mexico. The Global CCS Institute reports a significant increase in CCS capacity, with 392 facilities planned worldwide. The US is leading the growth, spurred by policies like the Inflation Reduction Act. Adnoc has set a net-zero target by 2045 and aims to capture 10 million tonnes of CO2 per annum by 2030. However, the International Energy Agency cautions that CCS is energy-intensive and should not be used to perpetuate high fossil fuel production. The UAE, which is hosting the Cop28 climate conference, is under international scrutiny for its environmental commitments.

The article discusses the significant role of family offices as financial powerhouses, managing more wealth than hedge funds globally. It highlights their contribution to the GDP and employment in the Middle East, as well as their strategic shift in asset allocation due to COVID-19, digital disruption, and geopolitical challenges. The article notes a move away from traditional investments like real estate towards private equity, technology, and venture capital, driven by generational changes and the search for higher returns. It mentions specific family offices and their investment strategies, including the increasing interest in blockchain and Web 3.0 technologies. The UAE is portrayed as an attractive destination for family offices due to its business-friendly environment and favorable taxation, with Dubai potentially challenging Singapore as a global hub for private wealth.

Saudi Crown Prince Mohammed bin Salman's recent visit to France underscores the strategic partnership between the two nations, particularly in the context of Europe's energy crisis and the importance of Gulf region cooperation. The visit, which followed a trip to Greece resulting in economic agreements, aimed to reinforce French-Saudi collaboration across various sectors. Despite no new agreements in France, discussions covered regional issues, including Iranian influence and the nuclear program. France seeks greater Saudi involvement in Lebanon's stabilization, and a joint development fund was announced to support Lebanon. The dialogue between Riyadh and Paris may also address the impacts of the Ukraine war on the global economy. Saudi Arabia's Vision 2030 aims to diversify its economy and France is a key partner, with French companies actively involved in development projects like Al Ula, and the potential for collaboration in tourism and other industries.

Saudi Arabia is projected to require an additional 19,000 to 20,000 hospital beds by 2030, necessitating an investment of $33.8 to $35.6 billion, as reported by Colliers. The healthcare sector's growth is being challenged by high capital costs, difficulty in attracting skilled medical staff, and limited capital expenditure funds. The kingdom's Vision 2030 reforms aim to diversify the economy away from oil, with healthcare being a key area of focus. Population growth and relaxed visa restrictions are contributing to the demand for healthcare services. The government is encouraging private sector involvement, aiming to increase its market share to 65%. Foreign expertise is being sought, with institutions like King’s College and Mediclinic entering the Saudi market. The kingdom is also aiming to reduce spending on medical care abroad by bringing specialized services to the country. Real estate costs and the need for significant investment are challenges, but REIT funds are suggested as a way to unlock value and fund healthcare infrastructure. The government has introduced laws to facilitate public-private partnerships, with the private sector now playing a larger role in hospital construction and renovation.

The article discusses the 51st anniversary of bilateral relations between the UAE and Belgium, highlighting the extensive partnership between the two nations. Belgian Ambassador to the UAE, Antoine Delcourt, emphasizes the similarities and strong ties, noting the presence of Belgian citizens and companies in the UAE. The trade between the two countries has been robust, with Belgium being a top trading partner for the UAE in the Middle East. The article covers various sectors of collaboration, including logistics, health, energy, space R&D, arts, culture, and sports. It also mentions significant Belgian contributions to UAE's infrastructure and the growth of bilateral trade in diamonds. The UAE's role in the upcoming COP28 and the energy crisis in Europe due to the war in Ukraine are also discussed. Belgium's plans for hydrogen energy and space collaboration with the UAE are highlighted, along with their cooperation in international forums on organized crime and human rights.